Cryptocurrency is a digital, virtual currency that is not regulated by any central authority or bank. The currency involves a series of encryption codes that are stored in virtual wallets, which can be cloud based or in “cold” storage.
Bitcoin, Litecoin, and Ethereum are but a few of the seemingly endless iterations of cryptocurrency. The use of these currencies have had a profound effect on Estate Planning, Estate Administration, and asset divisions in Dissolution of Marriage and Legal Separation cases.
- How will your fiduciary know that you have cryptocurrency?
- How will they find the currency?
- What will they do if they don’t have your passwords or encryption codes?
- Will they know how to liquidate the currency?
- Have you been nominated as a fiduciary who is trying to answer these questions?
Contact Gendelman Law Group to discuss your cryptocurrency issues by calling us at 720-213-0687 or by clicking here.